Tropicana casino soon to change hands

Tropicana casino soon to change hands

As many Las Vegas properties change owners, the Tropicana casino may become the first to do so in 2020, as Penn National looks to sell it.

US.- Many operations continue to change hands in Las Vegas, and Tropicana casino may be the next. Following the city’s trend, the property is a major possibility for Penn National, which may consider a sale offer this year.

As Vital Vegas reports, the company may present an offer to sell the gaming venue. The media outlet assures it is imminent and could be worth US$700 million. Penn National had bought the property from Onex Corp. for US$360 million five years ago. That means such a deal for the Tropicana casino would be highly beneficial.

Recent Las Vegas sale

The casino landscape in Las Vegas may soon change, as Blackstone will take over the Bellagio casino. The company completed the US$4.25 billion acquisition deal it had reached with MGM Resorts International last month.

Despite the take-over, the buyer and the seller will enter into a 95%-5% joint venture. Furthermore, they’ll remain linked after the deal. MGM will lease the property from the joint venture and continue to manage the venue.

Jim Murren, chairman and CEO of MGM Resorts, said of the strategy: “We recently announced two significant transactions. They form part of our broader asset-light strategy. Moreover, the shift in our business model away from a capital-intensive real estate business towards a developer, manager and operator of leading gaming, hospitality and entertainment properties.”

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